Inflation-adjusted federal tax revenues hit a record $1.079 trillion for the first four months of fiscal year 2016, but the federal government still ran a $160 billion deficit during that time, according to the latest monthly Treasury Department statement.
Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.
In the first four months of fiscal 2016, which included the months of October, November, December, and January, the amount of taxes collected by the federal government outpaced the first quarter of all previous fiscal years, even after adjusting for inflation. The 2016 fiscal year begins on Oct. 1, 2015 and runs through Sept. 30, 2016.
The federal government collected $1,079,224,000,000 in the first four months of fiscal year 2016. Most of the $1.079 trillion came from individual income taxes, which comprised almost half of that total, totaling $532 billion.
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The more money the federal government spends, the more taxes it will need to levy. The only way to lower taxes, then, is to limit the amount of money the federal government is allowed to spend. This won't happen from within the federal government. The only way to stop the irresponsible spending is through a Convention of States.
A Convention of States can propose constitutional amendments that force the federal government to be fiscally responsible. A balanced budget amendment isn't enough--we need a complete package of amendments that both balance the budget and limit taxation. Click here for more information.
